Loan taken on vehicles journal entry

This query is : Resolved

ramanamma (Querist)
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22 June 2013 Hi friends

My Organization taken loan from one financial institution by hypothetical loan on motor car.

The loan for 36 equal annual installments
loan statement indicates both principle and interest clearly.
1st installment also paid immediately.

journal entries for
loan taken
1st installment paid
and every monthly installment paid regularly.

please give me Journal entries .

Rupesh Jain

Rupesh Jain (Expert)
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22 June 2013
loan a/c
intt. on car loan a/c
to bank a/c

Ganeshbabu K

Ganeshbabu K (Expert)
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22 June 2013 1)vehicles account a/c dr
to ganesh babu vehicles supplier pvt ltd
(being vehicle purchased)

2)ganesh babu vehicles supplier pvt ltd a/c dr
to NBFC(loan)a/c
(being payment made to ganesh babu vehicle supplier with NBFC loan

Thanks & regards
Ganesh babu k

Ganeshbabu K

Ganeshbabu K (Expert)
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22 June 2013 3)NBFC loan a/c dr
to bank a/c
(first instalement paid)

4)NBFC loan a/c dr
to bank a/c

(being 2nd instalement paid)

int on NBFC loan a/c dr(expence)
TDS UNDER SEC.194A
to NBFC loan a/c
(BEING INTEREST PAID AND TDS ON INTEREST)
...
.
.
till close of last instalement

YOU NEED TO PAY TDS TO GOVERNEMNT AS PER SAID RULES WHICH IS 7TH OF NEXT MONTH

Thanks & regards
Ganesh babu k

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